FINANCE BUDGETS, BALANCES, & REPORTING (GEOFIN)

Introduction

Finance Budgets, Balances, and Reporting (GEOFIN) creates budgets and reports for the departments GEOBUSINESS serves. Email Barbara Bayer or Michele Beal at with any questions.

Statement Reconciliation

GEOFIN receives statements from the Financial Accounting Management Information System (FAMIS). GEOFIN then verifies all of the accounts within the departmental codes GEOBUSINESS serves (with the exception of sponsored contract and grant accounts, which the Office of Sponsored Research Services reconciles). These statements are verified on a monthly basis in accordance with university rules and guidelines.

Reports for Units and Responsible Parties

Automated balance reports are emailed to unit heads and account responsible parties at the close of each fiscal month. These reports are typically distributed within the first week following the end of each month.

GEOFIN can also process ad hoc reports as requested to assist with specialized tracking of certain programs and events. 

If you find a discrepancy or need information regarding transactions on your account, contact your DBA.

Budget

GEOFIN will work with units to complete Phase I and Phase II of The Texas A&M University System budget process each year.

Departmental Budget Requests (DBRs)

DBRs are used to transfer funds between budget pools within an account or between like accounts. Consult the List of Acceptable Transfers as a reference.

Consult with your DBA if you need funds transferred between accounts. 8

Unit Financial Obligations (UFOs)

UFOs provide the ability to set aside funds to cover commitments for future activities. These commitments are not contracts or encumbrances, but rather internal designations to fund specific projects, initiatives or programs. Consult with your DBA if you need funds UFO’d in one of your accounts.

UFOs are not automatically reduced or eliminated when funds are spent. Contact your DBA when a UFO needs to be reduced or eliminated. You may also consult the list of latest UFO Codes.

The minimum UFO amount is $10,000. Grant/Contract accounts cannot be UFO'd.

Unit Meetings

GEOFIN will meet with unit heads and/or departmental liaisons to review reports and answer any questions monthly, quarterly, or as needed.

Other Assistance

GEOFIN will help in the development of assistance sheets (“cheat sheets”) and can provide guidance in correct account usage. GEOFIN can also offer assistance in FAMIS/Canopy inquiry.